The Sterling Group said Tuesday it acquired Process Equipment Inc., which is known as “Process Baron.” The sellers were the founding family and management team who are reinvesting in the new transaction. Financial terms weren’t announced. Birmingham, Alabama-based Process Equipment designs, engineers, fabricates, installs, maintains and repairs equipment critical in powering industrial plants.
HOUSTON, May 5, 2015 /PRNewswire/ — The Sterling Group, a private equity firm based in Houston, Texas, announced that it has completed the acquisition of Process Equipment, Inc. (“Process Barron”). Sterling acquired the business from the founding family and management team who are reinvesting alongside Sterling in the new transaction.
Headquartered in Birmingham, Alabama, Process Barron is a leading provider of custom turn-key air and material handling solutions to a variety of industries including utility providers and pulp, paperboard, metals and cement producers. The Company designs, engineers, fabricates, installs, maintains and repairs equipment critical in powering industrial plants in a variety of end markets.
“Over the past 30 years, Process Barron has provided best in class service and equipment to a variety of process industries,” said Ken Nolen, President of Process Barron. “The entire Process Barron team looks forward to partnering with Sterling to further expand the business.”
Sterling has a long history of partnering with family- and entrepreneur- owned businesses to achieve new levels of financial performance. “Process Barron has a unique value proposition in its niche markets,” said Greg Elliott, Partner at The Sterling Group. “We look forward to working with the Process Barron team to continue to broaden their product offerings and geographical reach to provide value to their customers.”
About The Sterling Group
Founded in 1982, The Sterling Group is a private equity investment firm that targets controlling interests in basic manufacturing, distribution and industrial services companies. Typical enterprise values of these companies range from $100 million to $500 million. Sterling has sponsored the buyout of 45 platform companies and numerous add-on acquisitions for a total transaction value of over$10.0 billion. Currently, Sterling has over $1.2 billion of assets under management through two active funds. Current portfolio companies include CST Industries, Universal Fiber Systems, Express, B&G Crane, Saxco International, Liqui-Box, Dexter Axle, Safe Fleet, Specified Air Solutions and American Bath Group.
Past performance is no guarantee of future results and all investments are subject to loss.